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YOU'RE NOT ABLE TO GET BANKRUPT WITHOUT BEING TOO BROKE?. Among the American population, lots of basic understandings, misconceptions and myths, whined about bankruptcy. However, a fair, or at least, an accurate comprehension of bankruptcy, and of its principles, as it is more especially contained in the Bankruptcy Code, is crucial for the successful management of one's financial affairs, whether as an individual or as business.

One such misconception or MYTH, can be summed up this way: the debtor must be flat broke to register for bankruptcy. That's, that he will have become financially depleted of almost any and every thing that he has, and will have been impoverished to the point that he's totally destitute and destroyed, financially.

In other words, which you need to get Bankrupt in order to file bankruptcy. Actually, it is not uncommon to discover not only the average man or lady in the street, but in addition the supposedly informed who would give you an argument that bankruptcy might mean the automatic reduction or seizure of what you own-your home, vehicle, clothing, furniture, or salary, personal computer, every dime, etc., etc. THIS IS UNTRUE AND ABSOLUTELY FALSE, HOWEVER! In fact, the notion that you need to be bankrupt, so that you can't file bankruptcy without being too bankrupt already, couldn't be farther from the truth! From the Bankruptcy Act of 1898 (the earlier law which was replaced with the present underlying Bankruptcy Code of , the legislation had substituted the term "bankrupt" to get "debtor." One reason the Congress did this was as a way of helping to remove several of the social stigma involved in filing bankruptcy at the point in time.

Consequently, although there might be some debtors filing bankruptcy whose fiscal condition might be quite so dire that they truly qualify to be called bankrupt, the vast majority of filers are just debtors, but not be or flat bankrupt, and are not at all one. Even though for a person filing for bankruptcy in New York who is utilizing the State exemptions, he is permitted to have, among other things, up to $2, 500 in cash, $2, 400 of equity in an automobile, and unlimited funds at a qualified 401(k) plan. (To get a comprehensive list of exemptions to New York State debtors domiciled in New York, see the New York CPLR sections 5205 and 5206, New York Debtor and Creditor Law Sections 282-284, along with the New York Insurance Law sections 3212-3213.) . IN SUM. The point is that you do NOT have to be or to get to file bankruptcy.

You absolutely may file bankruptcy without being too broke already, without having to lose all you have or own - due to the FRESH START principle of bankruptcy! Now you know, it's only a mythology for anyone to inform you which you get stripped off what when you declare bankruptcy! NEXT, NEED FOLLOW-UP INFORMATION? . Wish to find out more on the powerful low-cost, but non-lawyer options which are readily available under the bankruptcy law which you may readily use for doing your bankruptcy, but at CHEAP AND AFFORDABLE prices, while still keeping for yourself all of your exemptions and "exempt" property and getting your FRESH START benefits from your bankruptcy filing? Please visit this site: http://WWW. Afford-Bankruptcy. Com/proSeBankruptcyTrend.html.

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